Avnet, Inc. (NASDAQ:AVT) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in Avnet, Inc. (NASDAQ:AVT) by 5.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,374 shares of the company’s stock after selling 5,835 shares during the quarter. Corebridge Financial Inc.’s holdings in Avnet were worth $5,147,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of AVT. Synergy Investment Management LLC acquired a new stake in Avnet in the fourth quarter valued at $38,000. Principal Securities Inc. lifted its stake in shares of Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after purchasing an additional 211 shares during the period. Harvest Fund Management Co. Ltd boosted its holdings in Avnet by 1,768.1% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company’s stock worth $113,000 after buying an additional 2,051 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock worth $114,000 after buying an additional 341 shares in the last quarter. Finally, KBC Group NV grew its position in Avnet by 55.7% during the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock worth $176,000 after buying an additional 1,200 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on AVT shares. Truist Financial decreased their price target on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, January 30th. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Stock Down 1.6 %

AVT stock opened at $47.19 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 12 month low of $46.24 and a 12 month high of $59.24. The firm has a market capitalization of $4.08 billion, a PE ratio of 13.37, a P/E/G ratio of 1.13 and a beta of 1.09. The company’s 50 day simple moving average is $50.38 and its 200-day simple moving average is $52.50.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. Equities analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.80%. Avnet’s dividend payout ratio (DPR) is 37.39%.

Avnet Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.